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BTC · 21w

Bitcoin Turns 10 Years Old!

Bitcoin Turns 10 Years Old!

As of October 31, 2018 Bitcoin will officially be a decade old, and what a decade it has been. In that time Bitcoin has single-handedly changed the financial landscape of our world by innovating one of the oldest assets we have — money.

As foreign as a gift economy would be for many people today, cryptocurrency and blockchain technology was at one time equally as foreign to all of us. Whether you believe these innovations are helpful to society or not you can’t argue that they have made a massive impact in today’s world.

Financial innovations like Bitcoin can create many questions, not only about how it works and its potential application but also raises moral and ethical questions to how it is and can be used. In the same way, traditional currency transformed the bartering system of societies past, Bitcoin can open a number of doors allowing things in the financial world to operate in a new way, better perhaps in some regard, especially on an individual basis. While the advantages of using Bitcoin and cryptocurrency can be positive, there still remains the possibility/reality for misuse.

On one side of the coin, you have people using Bitcoin ethically sound ways. Charitable applications, everyday transactions, and a myriad of other useful and legal ways which allow the individual more personal freedom when it comes to their finances and how they use them. The flip side of that coin has some people using Bitcoin and cryptocurrency in less appropriate ways, perhaps by using it as a means to acquire illegal goods or to launder money and avoid taxation.

Of course, there will be the good and the bad with anything made available to the masses, but that hasn’t stopped Bitcoin from establishing itself as the leader of the crypto space in its entirety. Although other innovative projects have come along in the crypto space such as Ethereum, EOS, Ripple, and many others, Bitcoin leads the way with the concept of op...

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